Context 3

Key trends 6

Climate finance grew in 2023-2024, to levels well above the USD 100 billion goal 6

Doubling adaptation finance from 2019 levels requires strong growth in 2025 8

Loans continue to represent most of public climate finance, but the share of grants in climate finance for low-income countries is high 10

Private finance mobilisation for climate action in developing countries continued on an upward trajectory 13

Climate finance remained concentrated in middle-income countries with specific patterns in SIDS and LDCs 15

Data and methods 18

Accounting framework 18

Data sources 19

Lists of developed and developing countries 20

Attribution of multilateral finance to developed countries 22

Measure of private finance mobilised 24

References 27